AstraZeneca invests $2B in Summit Therapeutics to accelerate ivonescimab cancer drug development

AstraZeneca is investing $2 billion in newly issued shares of Summit Therapeutics to accelerate development of ivonescimab, a bispecific antibody, and combine it with antibody-drug conjugates for multiple tumor types. The deal signals a major strategic bet on next-generation cancer immunotherapy and could reshape competitive dynamics in the oncology space. Financial terms and expected closing timeline remain undisclosed.